March

I think I finally have figured out how to make my first mil. There’s a rather simple idea of a product that I haven’t noticed on the market yet. Now what? What would you do next? Let’s pause this for a moment.

My cold marketing has led me to someone (in another country) who is very confident that he has a groundbreaking idea for a product. He doesn’t have the money, nor the team to build it. He’s the expert on the topic but has only one potential client. Ok, I’ll build it for him once he finds the money. I’ll reconnect with him next week to help write it down on the paper (the first step of validation). Then he’ll go to someone who is supposed to help with investors. Will that work? I highly doubt it. The idea is simple but good, however, it will require large investments simply to push it through the door. Theoretically, I could jump in with both feet and go looking for investors. And even if I find an angel investor, what are the guarantees that they will not play me at the first opportunity? Creating a detailed contract before we have anything realistic is just a waste of time and money. Such things can be held together only by trust but what trust can there be with a complete stranger? Do you build one? I tried that a few months ago. It was fun to get to know 2 guys (they didn’t know each other either) from the US online and work on AI-related ideas. Next steps? Need an investor… Then the author of the idea decided to put it on pause. Time wasted. And even if I start pitching these great ideas publically, how does it actually work? The fairy godmother with loads of cash comes to some event and just starts throwing money? What about everyone else who hears it and thinks “I could build that by myself!”? Being to the market first is very important. Of course, there’s customer segmentation who will buy from whom but it doesn’t change what I said. I’m sure that there are 10 Eric-Ries-wannabes willing to object me with something like “Don’t overthink it, just keep pitching! Because only you can do it! You can’t be copied!” - no! Keep your great idea in secret and start publically pitching it only once you have the MVP. Even better if after the first client.

Ok, back to my own idea. Right, I can’t share it. Companies do want it now. I need a bit of money to build it. It can start generating great returns in 6 months already. If you’re an angel investor, have trust in me and want to make money, let me know. Then we’ll see if we can trust each other. Trust is risk. But without taking risks I will not get far. I don’t expect that someone actually will write me anything. I’m sharing the founder's dilemma. Just having an idea is not enough.

What surprised me a bit last week is that statistically investors invest in locals. It means that as a founder the biggest chances are to pitch at the local events. It’s all about the trust.

Must-visit events:

• you can find out about the value I can bring to you in my new personal web page https://www.uldiskarlovskarlovskis.com/
• 19th of March is reserved for the 21st DevOps & Agile Talk event https://www.meetup.com/latvia-devops-and-agile-community/events/299618090/
• on 26th of March there's going to be the next RigaTechDinner with very interesting special guests https://www.meetup.com/latvia-devops-and-agile-community/events/299375106/